"May, 2013" Archive - Page 30

Insertion of words ‘or assessable’ by amending section 50C is effective from 1-10-2009

The Commissioner of Income Tax Vs R.Sugantha Ravindran (Madras High Court)

Even otherwise, we are of the firm view that the insertion of words or assessable by amending Section 50C with effect from 01.10.2009 is neither a clarification nor an explanation to the already existing provision and it is only an inclusion of new class of transactions namely the transfers of properties without or before registration. Be...

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Approval granted by STPI Director is sufficient to satisfy conditions relating to approvals u/s. 10A

CIT Vs Technovate E Solutions Pvt Ltd (Delhi High Court)

Directors of the Software Technology Parks of India have the authority of the Inter-Ministerial Standing Committee and that all approvals granted by the STPI Directors are therefore deemed to be valid. The position is also clear from a letter dated 6.5.2009 issued by the Central Board of Direct Taxes to the Joint Secretary, Ministry of Co...

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Registration U/s. 12AA cannot be refused for mere non commencement of charitable or religious activity by Trust

Hardayal Charitable & Educational Trust Vs Commissioner of Income Tax-II (Allahabad High Court)

The preponderance of the judicial opinion of all the High Court including this Court is that at the time of registration under Section 12AA of the Income Tax Act, which is necessary for claiming exemption under Section 11 and 12 of the Act, the Commissioner of Income Tax is not required to look into the activities, where such activities h...

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Corporate Advisors Vis-À-Vis Their Professional Privilege

The corporate advisors play a very vital and the core role for the companies in respect of various advisory activities including representation before authorities. The corporate advisors generally are chartered accountants, company secretaries, cost and management accountants, advocates, tax practitioners, etc. ...

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Posted Under: Income Tax |

Input service distributer may distribute credit of service tax paid prior to registration as ISD

Dagger Forst Tools Ltd. Vs Commissioner of Central Excise, Mumbai-I (CESTAT Mumbai)

Input service distribution is a facility granted to a manufacturer/service provider who operates from a number of premises. There is no restriction under the CENVAT Credit Rules, 2004, with regard to the period for availing CENVAT credit of service tax paid. In other words, a manufacturer/input service provider can avail CENVAT credit of ...

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Mere facilitation services with regard to the selection of awardees isn’t a technical service

Harvard Medical International Inc. Vs. Dy. Commissioner Income Tax (ITAT Mumbai)

From a plain reading of the above clauses, it is seen that the Assessee is not doing any service which falls within the definition of "FIS" as contemplated in Para-4 of Article-12. We agree with the findings of the learned Commissioner (Appeals) that these are merely facilitation services with regard to the selection of awareness for Wock...

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In case of divisible contract no service tax on material value

R.K. Industries Vs Commissioner of Central Excise (CESTAT Delhi)

It was opined in those orders that insofar as supplies of material are concerned, such materials shall not be liable to service tax because Finance Act, 1994 is not a Commodity Taxation Law. Contract covering taxable service have been directed to be taxed. ...

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SEARCH REPORT -A Basic Tool for Inspection of Company’s Records in Hands of Stakeholders Specially Banks

Now a day, Banks are more emphasizing on demanding Search Repots from Limited Companies while opening of Bank Accounts or giving the Loan to such Companies. The need for Search Reports arises to keep themselves (Banks) safe and to ensure that the company is not the defaulting one or having not the defaulting directors and to know the comp...

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Posted Under: Income Tax |

Amendment to Sec. 206-C dealing with TCS on Sale of Bullion or Jewellery in Cash – Clarification

Currently, sale in cash of bullion (excluding coin or any other article weighing 10 grams or less) in excess of Rs 2 lakh or jewellery in excess of Rs.5 lakh is subject to Tax Collection at Source (TCS) @ 1%. As coins were neither included in bullion nor in jewellery, therefore, coins, even when amounting to more than Rs. 2 lakh in value,...

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Posted Under: Income Tax |

Whether the amount of liabilities taken over in case of slump purchase are to be considered for reaching at the amount of assets taken over for the value of purchase consideration ?

Commissioner of Income Tax Vs Aradhana Drinks & Beverages Pvt. Ltd. (Delhi High Court)

The Seller shall transfer to the Buyer all the rights, interest and benefits that the Seller has in the Leased Assets at closing to and in favour of the Buyer on the same terms and conditions as enjoyed by the Seller in respect of such Leased Assets and shall be responsible to get all requisite paper work/ documentation executed by the co...

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